Hennessy Advisors Inc. Earnings Releases
HENNESSY ADVISORS, INC. ANNOUNCES
FIRST QUARTER EARNINGS OF $0.12 PER SHARE

Novato, CA – January 24, 2008 – Hennessy Advisors, Inc. (OTCBB:HNNA) President and Chief Executive Officer, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.12 for the first quarter, which ended December 31, 2007. Earnings per share decreased approximately 37% versus the prior comparable period, which were $0.19. The decline in earnings is attributable to decreased mutual fund assets under management. Total mutual fund assets were $1.43 billion at December 31, 2007, compared to $2.03 billion at December 31, 2006.

“While quarterly earnings are down in direct correlation with the decline in mutual fund assets, the underlying financials of our company remain quite strong,” said Mr. Hennessy. “The financial markets continue to experience severe volatility and that, coupled with the onslaught of negative media headlines, has caused many investors to panic, which in turn has been difficult for our mutual funds and for Hennessy Advisors, Inc.,” he added. “Despite the decrease in quarterly earnings, we continue to build financial strength for our shareholders, as evidenced by a 4.8% increase in retained earnings and a 6.1% reduction in total debt during the quarter.”

Hennessy Advisors, Inc., located in Novato, CA, is a publicly traded investment advisor to six no-load mutual funds. Hennessy Advisors, Inc. is committed to their time-tested, quantitative stock selection formulas and disciplined money management approach.

Supplemental Information
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